The silhouette of Drew Houston, chief executive officer and co-founder of Dropbox Inc., is seen walking on stage during an event in San Francisco.

Dropbox fell as much as 10 percent during Friday’s open after its announcement on Thursday that chief operating officer, Dennis Woodside, will be stepping down in September.

The cloud services company reported strong second-quarter earnings after the bell on Thursday, beating Wall Street expectations on revenue and earnings per share. But investors seem to be reacting to the loss of a high-profile Silicon Valley executive. Woodside previously served as an executive at Google and Motorola.

Woodside has been with Dropbox since 2014, and helped oversee its IPO earlier this year.

“We’re grateful for everything Dennis has done for us,” CEO Drew Houston said in a statement. “He’s helped transform Dropbox into a publicly-traded company with over $1 billion in annual revenue and 12 offices around the world.”

Prior to the announcement, Dropbox’s share price had gained nearly 21 percent since going public in March.